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Microsoft may of canned 1 VS 100 trapped on tape but i am not saying that they have abandoned live episodic games on Xbox Live yet. Instead it appears to be they are creating a second go and they are now beta testing a different game show, Full House Poker, which features a method of Hold'em called Texas Heat.
Avatars will probably be used to represent players shared and will have unique tell signs. There will also be new accessories for ones avatar to sport too. (Maybe a Full Tilt hat?)
Players play for experience points and chips as well as their overall progress and bankroll will probably be saved between sessions. Full House Poker may also feature a leaderboard in order to compare your card shark skills on your buddies.
I think it may be a great incentive when you could win MS Points or XBLA games as prizes for going to date in the tournament, but that is just me wishful thinking...
No word on when exactly Full House Poker is arriving out yet, but I would check here not be surprised to find out it out by next Summer.